China Back on Attack Mode, Internet Blocking Exchanges & Bitcoin Miners Ordered to Shut Down

China Back on Attack Mode, Internet Blocking Exchanges & Bitcoin Miners Ordered to Shut Down

This time, Bitcoin price is not responding to the reports of a crackdown from China which extends beyond the crypto sector, ahead of the 100th anniversary of the ruling Communist Party on July 1, trading around $36,500.

China has taken some strict measures against cryptocurrency exchanges and bitcoin mining yet again ahead of the politically sensitive 100th anniversary of the ruling Communist Party on July 1.

However, these measures aren’t restricted to the crypto sector alone but extends to banks, education, and the internet.

Major internet services in China, Baidu, Zhihu, and Sogo, are blocking the keywords associated with the top three crypto exchanges Binance, Huobi, and OKEx.

“According to the relevant laws, regulations, and policies, the search results have not been displayed,” reads the message on social media. Over the weekend, Weibo also blocked a large number of crypto Key Opinion Leaders (KOLs) in China.

Reportedly, the Payment and Clearing Association, a subsidiary of the Central Bank of China, has also stated that 13% of gambling websites support crypto and use the anonymity of blockchain technology to conceal fund transfers.

Additionally, the Reform and Development Commission in the Changji Hui Autonomous Prefecture in Xinjiang issued a notice on Wednesday ordering its subordinate government officials in the Zhundong Economic Technological Development Park to shut down all crypto mining activities.

Xinjiang province is one of the major economic and technological development zones in China, which is home to coal-based power plants and industrial factories, including some of the largest Bitcoin mining facilities due to fossil fuel energy.

This move was taken by the authorities based on the high-level bitcoin trading and mining crackdown brought up during the China State Council meeting last month.

This has resulted in the hash rate of the top mining pools plummeting by 20% to 25%, as per BTC.com. So far, Bitcoin’s hash rate per day is at 166.1 Th/s, up from last month’s 118.7 Th/s caused by China’s crackdown but still down from 171.4 Th/s ATH on May 13, according to Bitinfocharts.

According to the Chinese publication Wu Blockchain, there are three mining regions in China: Inner Mongolia, which relies heavily on coal-based mining and has already stopped mining cryptocurrency completely, Sichuan depends on hydropower which may not stop, and Xinjiang, where the situation is complicated but the term used in the document is “to suspend for rectification,” and not as strict as Inner Mongolia. It added,

“In addition to the uncertainties of government supervision, China is experiencing a new power shortage. The core reason is that China’s main power generation area and main power consumption area are separated in the west and east, which also has an impact on current Bitcoin mining.”

Bitcoin and other cryptocurrencies continue to face price pressure due to rising regulatory concerns from China. This time, however, BTC price is not affected, going to $36,700 despite the reports, after the drop to $31,000 on Tuesday.

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Author: AnTy

China FUD: Three Self-Regulating Bodies Reiterate Country’s Anti-Speculation Stance on Crypto

China FUD Back into Effect as Three Self-Regulating Bodies Reiterate Country’s Anti-Speculation Stand on Crypto

Affecting the cryptocurrency prices since 2013, China banning Bitcoin FUD is back amidst the ongoing market volatility, sending BTC price back in the 42k-46k range.

The price of Bitcoin went back under $42,700 and is yet again at the center of the inner $42k-$46k range, thanks to the same old China FUD permeating the cryptocurrency market.

Despite being as old as nine years, China banning Bitcoin never fails to induce a market sell-off. And that’s exactly what happened after Reuters reported that China is banning financial institutions and payment companies from providing services to crypto-related transactions.

As Qiao Wang of DeFi Alliance noted, “China didn’t just ban crypto. It’s reiterating an anti-speculation law from years ago.”

Three Chinese organizations viz. The National Internet Finance Association of China (NIFA), the China Banking Association (CBA), and the Payment and Clearing Association of China (PCAC) jointly issued a note where it reiterates the country’s previous stance on crypto businesses.

All three of these bodies are self-regulatory organizations and not regulatory agencies. They are reiterating the same old stance because they deem speculative crypto trading in the country amidst ongoing market volatility to be “seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.” The statement reads,

“Financial and payment member institutions shall not provide insurance services that relate to virtual currencies or directly and indirectly offer crypto-related services for their clients, including but not exclusive to crypto-related trading, custody, lending, and settlement; accepting virtual currencies as a payment tool; exchanging virtual currencies with the Renminbi.”

The statement echoes China’s stance towards crypto space in 2017 when they prohibited ICO activities and banned crypto exchanges from offering fiat-to-crypto services, and at the time, they had the same requirements in place for financial institutions to not be involved directly or indirectly with crypto.

Interestingly, just last month, the vice governor of the People’s Bank of China (PBoC) called Bitcoin and stablecoinsinvestment alternatives” as opposed to currencies.

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Author: AnTy

Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman

SUSHI price has been moving back upwards while SushiSwap enjoys high volume, keeping between $500 million and $1 billion, and liquidity around $5 billion this month.

After bottoming out at about $10, SUSHI is back to moving towards its all-time high of $23.38 as it trades around $17.5. If Bitcoin doesn’t correct and takes the entire crypto market down with it, SUSHI has a good chance to rally here and make a new ATH just like other cryptos. BTC -5.95% Bitcoin / USD BTCUSD $ 46,944.92
-$2,793.22-5.95%
Volume 58.82 b Change -$2,793.22 Open $46,944.92 Circulating 18.71 m Market Cap 878.39 b
9 h 70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt 9 h Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 9 h Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing

And this high can be a lot higher as according to Jeff Dorman, CIO of digital asset investment management firm Arca, Sushi is currently the “most undervalued token” in the crypto market.

In a detailed thread on Twitter, Dorman shared his reasoning for why the recent downward price action will be short-lived.

SUSHI, the native token of Sushiswap, which accounts for the second-largest DEX market share at 15.5% after Uniswap’s nearly 60% dominance, has been underperforming both UNI and the broader DEX market since the beginning of the year, as evident in the 50% peak-to-trough decline in March and Apri.

This is because of Uniswap V3 hype, PancakeSwap growth, and rolling 6-month vesting unlocks from initial Sushi yield farming, said Dorman.

SUSHI’s biggest competition is likely to be CAKE and not UNI, whose high gas fees turned CAKE into a viable DEX which is why we  zsaw flat TVL on SushiSwap & lower volumes in March / April, as users paid nothing in gas and earned higher LM rewards on Pancake, he added. CAKE -8.87% PancakeSwap / USD CAKEUSD $ 28.77
-$2.55-8.87%
Volume 313.42 m Change -$2.55 Open $28.77 Circulating 164.9 m Market Cap 4.74 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 1 w Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 1 w Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance

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While these factors don’t have any actual impact on the token’s valuation and core business, they are affecting the price.

When it comes to vested supply, “dilution from yield farming can be just as painful when an asset is out of favor,” as happened with CRV and UNI during their short yield farming stint. CRV -12.47% Curve DAO Token / USD CRVUSD $ 3.23
-$0.40-12.47%
Volume 443.42 m Change -$0.40 Open $3.23 Circulating 354.56 m Market Cap 1.15 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 1 w Sushi Goes Live on Polygon (MATIC), Andre Cronje Proposes A Curve like Mechanism for it 3 w Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year
YFI -13.92% yearn.finance / USD YFIUSD $ 66,807.76
-$9,299.64-13.92%
Volume 851.97 m Change -$9,299.64 Open $66,807.76 Circulating 36.64 K Market Cap 2.45 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 3 d Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 3 d Yearn Capitalizes on Retail Mania, Sends YFI to Nearly A Six-Figure ATH

According to Dorman, some of Sushi’s inflation could be mitigated through an ongoing proposal made by Yearn creator Andre Cronje that recommends looking up additional SUSHI into oSushi. Currently supported by 97% of the community, SUSHI tokens will be locked for up to 3 years if this passes.

Another proposal, SIMP, has been introduced, which allows SUSHI rewards to be claimed immediately instead of vesting it over a six-month period with a penalty that is to be decided which will be directly sent to xSUSHI stakers. This is expected to end distraction and allow the project to focus on building.

With over 68% votes, currently, the community has chosen 0% penalty and unlock.

While the overhangs are impacting the price, they haven’t affected SUSHI’s performance as the DEX enjoys high volume, keeping between $500 million and $1 billion, and liquidity around $5 billion this month.

Sushi is also launching cross-chain and seeing traction with Polygon (MATIC) TVL at $400 million. Also, there is an ongoing Treasury Diversification Proposal that would diversify the SUSHI-only treasury into a basket of blue-chip DeFi tokens, de-risking & strengthening the balance sheet. MATIC 8.50% Polygon / USD MATICUSD $ 1.60
$0.148.50%
Volume 5.93 b Change $0.14 Open $1.60 Circulating 6.12 b Market Cap 9.77 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 2 d Ethereum Scaling Solution Arbitrum Opens its Mainnet with Sequencer for Developers 2 d Decentralized Trading Platform Slingshot Launches Open Beta On Polygon (MATIC)

So, “as investors rotate back into DeFi (and they are), these are the opportunities to look for,” said Dorman.

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Author: AnTy

Facebook’s Diem Announces Silvergate Partnership, Will Move Operation Back To US

Facebook’s Diem Announces Silvergate Partnership, Will Move Operation Back To US

Diem Association, a group backed by Facebook, has disclosed its intentions to move operations from Switzerland to the United States. The group, which has been trying to secure a payment system license with Swiss bank watchdog, FINMA, said it has abandoned that plan and withdrawn its application. Diem has now set up a U.S unit.

Diem Partners with Silvergate Bank

In an official blog post detailing its relocation plan, Diem also announced a new strategic partnership with Silvergate Bank.

According to the group, moving its operations to the US is an integral part of its plan to issue the Diem USD stablecoin. By bringing the project into the US regulatory perimeter, Diem will run its blockchain-based payment system from the country easily.

The partnership with the crypto-friendly bank Silvergate to launch the US dollar-pegged stablecoin would be run by Diem Networks US.

Silvergate will become the exclusive issuer of the Diem USD stablecoin and manage the Diem USD reserve.

Diem Networks will be registered as a money services business with the Financial Crimes Enforcement Network (FinCEN). It would also be in charge of the Diem Payments Network (DPN).

The DPN is a permissioned blockchain-based payment system that would facilitate the real-time transfer of Diem stablecoins among approved network participants.

Speaking on the partnership with Silvergate, Stuart Levey, chief executive officer of Diem, expressed optimism about the collaboration and how it would take the blockchain-based payment system to the next level. Levey said,

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.”

Alan Lane, chief executive officer of Silvergate, also commented that the bank is excited and inspired by Diem’s technology and commitment to building a regulatory compliant payment system.

The Rebranded Diem Moving Forward

The Diem Association was formerly known as Libra Association when it was first announced in June 2019. It had several backers, including Facebook, VISA, Mastercard, and PayPal. A string of regulatory backlash saw an exodus of members some few months after its announcement.

Global central banks, government officials, and stakeholders were worried that Libra could undermine sovereign currencies like the dollar, enable money laundering and infringe on users’ privacy.

The organization has since rebranded to Diem. Diem has 26 members, including merchants, payment service providers, social impact partners, and other entities.

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Author: Jimmy Aki

CBOE Now Wants Back In, CEO says ‘Haven’t Given Up’ on Bitcoin Futures & We ‘Need’ to be Here

CBOE Now Wants Back In, CEO says ‘Haven’t Given Up’ on Bitcoin Futures & We ‘Need’ to be Here

There has been a “lot of demand from retail and institutions” that the crypto space has been seeing lately

CBOE Global Markets is now looking to get back into the crypto space.

Back in March of 2019, the Chicago-based exchange holding company delisted Bitcoin futures when the price of BTC was about $4,000. It was the first US exchange to list Bitcoin futures in late 2017 and was followed closely by CME Group, which gained wider acceptance.

Now that Bitcoin has risen to a new all-time high of $62k, Chief Executive Officer Ed Tilly says, “We’re still interested in the space, we haven’t given up on” bitcoin futures, reported Bloomberg.

“We’re keen on building out the entire platform. There’s a lot of demand from retail and institutions, and we need to be there,” he added.

In December 2020, CBOE partnered with CoinRoutes to launch a suite of tools, including crypto indexes, real-time ticks, and historical data. At the time, it was said to be launched by the end of the first quarter of this year.

They are now eyeing new efforts as the demand for the product increases and the market matures.

Earlier this month, as we reported, CBOE also filed with the SEC to list and trade shares of the VanEck SolidX Bitcoin Trust.

“We’re very keen to move along approval for the VanEck ETF,” said Tilly.

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Author: AnTy

EOS creator Dan Larimer is Back with A New Project; It’s ‘Layer 0’ Compared to ‘Layer 1’ Ethereum

EOS creator Dan Larimer is Back with A New Project; It’s ‘Layer 0’ Compared to ‘Layer 1’ Ethereum

The serial founder, known for quitting the projects, now wants to build Clarion — “a logically decentralized communication platform to replace centralized services (email, Twitter, Facebook, YouTube, medium).”

Daniel Larimer is back with yet another project.

This new project is called Clarion, described as “a logically decentralized communication platform to replace centralized services (email, Twitter, Facebook, YouTube, medium).”

And it is not built on EOS because “How do you build a logically decentralized system on top of a logically centralized system (all blockchains are logically centralized)?” said Larimer.

Earlier this year, Larmer left Block.one, the company that raised a record $4 billion in the largest ICO ever, promising to build a decentralized, blockchain-based platform to build the software behind the EOS.

Besides co-founding Block.one and serving its Chief Technical Officer since April 2017, Larimer has built Steem, Bitshares, and Cryptonomex.

If you think it is a pump and dump like all the previous projects, Larimer ensures “This project has no tokens to pump & dump” and that it can integrate with existing token systems.

“If there are tokens, then they could be airdropped on EOS,” commented Larimer on the question of Block.one funding the project and airdropping to EOS holders. So, pump and dump is really not out of the picture.

The serial creator is back just a couple of months after ending his stint with Block.One with Clarion, which reportedly aims to remove the dependencies on centralized infrastructure through a censorship-resistant “friend to friend” network.

The “ultimate goal” of the project is freeing “our friends and family from the tyranny of Twitter, Facebook, YouTube, Amazon, Apple, and Google and produce a social network free from manipulation and 3rd party dependence.”

This latest project learns lessons from projects like Hive (previously Steemit), Voice by Block.one, and RetroShare.

According to Larimer, what sets it apart is that it utilizes a progressive web application powered by Web Assembly. Clarion OS won’t require any consensus, and tokens and smart contracts can be built on top of it, he wrote.

“If typical Ethereum and EOS smart contracts are considered “layer 1”, then Clarion OS could be considered “layer 0,”’ wrote Larimer.

Currently, it is in the early design stage, and he is building a team of developers to build the first prototypes.

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Author: AnTy

Privacy-Coin Verge (XVG) Is Back to ‘Business as Usual” Following the Massive 51% Attack

Privacy-Coin Verge (XVG) Is Back to ‘Business as Usual” Following the Massive 51% Attack

Privacy-coin Verge (XVG) has suffered a major block reorganization. “Malicious elements have tried to take over our blockchain,” announced the team during the wee hours of Tuesday.

“Working with miners our dev team has released a fix, preventing damage. In 13 hours, it will be business as usual,” added the team as they worked on the future update to prevent this from happening again.

Anyone running a full Verge-qt node is asked to update it with the latest release, 6.0.3.

This resulted in the price of the digital currency falling about 20%, but it since then recovered some and is currently trading around $0.0236, up 223% YTD.

A small cryptocurrency with a $380 million market cap recorded just $50 million volume in the last 24-hours and is a payments option on Pronhub.

According to the data provider Coin Metrics analyst, the transaction history of its blockchain of the last 200 days has simply vanished, calling it “likely the deepest reorg that has ever taken place in a “top 100” cryptocurrency.”

Verge team released a post-mortem of the attack, which occurred late last night but apparently “failed.” Following this, many cryptocurrency exchanges and wallets stopped accepting inbound and outbound transactions.

Because the chain was unstable during the attack, everyone is asked to check that their transactions have been written correctly to the working chain.

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The one-hour cost to 51% attack the Verge blockchain is a mere $47, as per Crypto51.

“Verge (XVG) just got 51% attacked. Always be wary of coins that are highly NiceHash-able. When there’s no upfront cost, the incremental cost can be quite cheap. And it would be easy to do a 51% attack and re-org the chain,” said Litecoin creator Charlie Lee.

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Author: AnTy

Bitcoin to Move Out of Consolidation Phase; Indicator Signals Downward Trend Is Losing Strength

  • Bitcoin is back to aiming for $40,000, as the digital currency moves upwards this week, but still remains range-bound between $30k and $40k.

According to Bloomberg, the GT Vera Convergence Divergence Indicator, which detects trend fluctuations, is signaling that the bear trend of the cryptocurrency may now be coming to an end.

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While Bitcoin is ranging, altcoins and DeFi tokens are taking this as an opportunity to pump hard. The total cryptocurrency market cap has also flown past the $1 trillion mark to $1.15 trillion.

Ether hit a new ATH above $1,765, but it’s DeFi tokens that are the real stars of the show. In 2020 so far, the notable gainers include COVER (8,251%), BAO (4,160%), ALPHA (1,134%), BADGER (1,036%), ROOK (533%), AAVE (466%), and CRV (416%).

However, all these gains can soon move into Bitcoin and take the leading crypto above $42,000 to new highs.

Institutions have also been piling into Bitcoin, with Grayscale buying 643.44 BTC this week. Bitcoin also continues to be moved out of the exchanges. This on-chain analyst, Willy Woo, speculates that could be the result of Michael Saylor holding a conference for companies, which was attended by more than 1,000 executives, to help them make a shift to Bitcoin just like MicroStrategy.

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Moreover, as we reported, PayPal that started supporting cryptocurrencies back in October, saw an exceptional response from its users.

“The volume of crypto traded on our platform greatly exceeded our projections,” PayPal CEO Dan Schulman said on the company’s fourth-quarter earnings call. “We’re excited to build on this early success by allowing customers to use their crypto balance as a funding source. … We hope to launch our first international market in the next several months.”

While PayPal is also investing in its crypto business unit, several crypto funds are being launched as well. Not to mention the retail investors from the traditional markets also see the appeal of the crypto market. So much so, much like CT, now Jim Cramer is suggesting Gamestop take the Bitcoin route. Cramer tweeted,

“Bitcoin! Genius!!! Gamestop needs to be a 5000 store bitcoin palace!!! I cannot believe how brilliant that would be… They can sell stock buy a ton of bitcoin, and just hold on. Call it Bitstop. Or Gamecoin. Wow!”

Moreover, one of the reasons for Bitcoin getting stuck in a consolidation phase, according to Ed Moya, senior market analyst at Oanda Corp, could also be a strengthening dollar ever since the start of the year.

But with the Senate passing the motion to progress Biden’s $1.9 trillion stimulus bill, USD isn’t expected to keep up with this strength for long. This, combined with the money to flow into the market, is further expected to push the prices of assets higher.

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Author: AnTy

Bitmain is Back to ‘Normal Operations’ Following Jihan Wu Settlement With Micree Zhan

Bitmain is Back to ‘Normal Operations’ Following Jihan Wu Settlement With Micree Zhan

  • Bitmain releases a letter to customers affirming “business operations will resume as normal” following the change in a CEO role after Jihan Wu left his leadership role.

Over the past year, Bitmain, the world’s largest Bitcoin mining rigs producer, has struggled to complete its customers’ orders as conflicts within the top management delayed shipments. In focus, founders Micree Zhan and Jihan Wu were at the center of the feud as Wu once threatened to split its flagship mining Antminer rig’s manufacturing and supply chain processes.

However, Bitmain is finally looking to move on from the issues and “resume its normal business operations” following Wu’s departure from the CEO role, a note from the team stated. The note reads,

“Antminer is here to inform you that product delivery and sales services will not be affected by Bitmain’s internal changes.”

“Our sales policy for customers remains unchanged, and all signed contracts will continue to perform in accordance with the terms and conditions.”

Read more>> Bitmain Power Struggle: Truce is Over & Fight for Control Resumes; Bitcoin Miners Could Suffer.

Bitmain announced a halt in the supply and manufacturing processes of the Antminer rigs in 2020, leaving customers, who expected rigs in June and July, to wait until September and October delivery.

On Tuesday, the long-standing battle between two of the richest men in crypto was finally settled after Jihan Wu bought $600 million shares in Bitmain and resigned from the company. Micree Zhan will regain control of the company, after being ousted in September, with Jihan Wu leading an offshoot of Bitmain, Bitdeer, as the chairman.

Read more>> Bitmain’s Ousted Co-Founder, Micree Zhan, Proposes Share Buyback at $4B Valuation.

Despite the inner company conflicts, Bitmain remains the largest Bitcoin mining rig manufacturer and saw an increase in demand across 2020. Riot Blockchain, a mining farm, stocked up on over 11,500 bitcoin mining rigs across the year from Bitmain, boosting its hashrate over 100% during the year with a target of 2.3EH/s set for June 2021.

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Author: Lujan Odera

Too Afraid to Buy the Dips; Too Much FOMO to Resist Buying ATHs

12 years back, Bitcoin first came into existence with the genesis block having a reward of 50 BTC. The genesis block came with the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

In 2020, history repeated itself as central banks all over the world went crazy with money printing. This led institutions to see Bitcoin as a hedge against weak dollar and risk of inflation, making it part of their investment portfolio.

The unprecedented institutional interest in the crypto market had Bitcoin rallying to nearly $35k from the March low of 3,800.

Even at this record high price level, Anthony Scaramucci, the founder of SkyBridge Capital, which today announced its Bitcoin Fund, urged people to invest in it. “You’re still way early to Bitcoin if you’re buying today,” tweeted Scaramucci on Sunday.

“When you look at this bitcoin rally that we have been seeing in the last couple of weeks and months, really, there’s two big elements driving it. One is the continuous entry of institutional players,” PwC’s global crypto leader Henri Arslanian said Monday on CNBC’s “Street Signs Asia.” These institutional players have “an outsized impact on the markets.”

Arslanian who expects this trend to continue over the coming months said, there’s also “a lot of regulated players as well,” which was “not the case a couple of years ago.”

Combined with retail FOMO, “there’s a lot of momentum going on in the space.”

As the price continues to go higher and higher, people continue to feel the FOMO as Douglas A. Boneparth, CNBC Advisor Council tweeted, “Instead of drinking coffee and eating avocado toast every day, I should have been buying bitcoin.”

This can especially be seen in the way the market moved in the last few hours.

Bitcoin’s price BTC -3.41% Bitcoin / USD BTCUSD $ 31,558.08
-$1,076.13 -3.41%
Volume 82.36 b Change -$1,076.13 Open $31,558.08 Circulating 18.59 m Market Cap 586.69 b
2 h Why Does Bitcoin (BTC) Continue to Tear Up Without Ever Stopping? 3 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 4 h Anthony Scaramucci’s SkyBridge Capital Launches Institutional-Grade Fund to Directly Invest in Bitcoin; Offers GBTC Swap Too
went to $34,825 on Sunday on Coinbase and today we went down to $27,648 and already we are above $31,000.

The same has actually been the case with the second-largest cryptocurrency Ethereum ETH 13.21% Ethereum / USD ETHUSD $ 1,036.04
$136.86 13.21%
Volume 59.1 b Change $136.86 Open $1,036.04 Circulating 114.12 m Market Cap 118.23 b
3 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 4 h Too Afraid to Buy the Dips; Too Much FOMO to Resist Buying The All Time Highs 6 h ETH Rips to Jan 2018 High As The Market Rotates Bitcoin Profits into Ethereum
which took just over a day to go from $750 to $1,170 only to fall to $885 to now be back above $1,000.

Even YouTuber Marques Brownlee, best known for his technology-focused videos and his podcast, Waveform: The MKBHD Podcast, took to Twitter to share his interest in buying in Bitcoin and missing out with the price continuing to keep on going higher and higher.

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But still, with bitcoin adoption reaching only 2%, a huge population is on the sidelines and institutions have just started coming in.

Just last month, the day BTC broke its previous ATH $20k China’s mainstream financial outlet, Caijing ran a survey on Weibo asking people’s position on Bitcoin which revealed that 11k out of the 20.8k participants responded with “Such a scam, will never buy” while 3.1k said they might buy later.

This only goes on to show that this bull cycle is still in its early phase.

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Author: AnTy